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Generic drugmaker Mylan's 2Q profit jumps 28 pct

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CANONSBURG, Pa. (AP) — Mylan Inc.'s second-quarter earnings jumped 28 percent, as a drop in expenses helped the generic drugmaker counter sluggish revenue growth.

The Canonsburg, Pa., company said Thursday it earned $177.7 million, or 46 cents per share, in the three months that ended June 30. That compares to earnings of $138.6 million, or 33 cents per share, in last year's quarter. Adjusted earnings, which exclude restructuring charges, amortization expense and other items, totaled 68 cents per share.

Revenue rose less than 1 percent to $1.7 billion.

Analysts surveyed by FactSet expected, on average, earnings 67 cents per share on $1.73 billion in revenue.

Mylan said foreign exchange rates hurt its revenue in this year's quarter, and the company received a boost in last year's quarter from the launch of a generic version of the antidepressant Lexapro.

The company's selling, general and administrative expenses fell 12 percent in this year's quarter to $315.4 million.

Mylan also said Thursday it was reaffirming its forecast for 2013 adjusted earnings of between $2.75 and $2.95 per share. It also expects revenue to be at the low end of its expected range of $7 billion to $7.4 billion in part because of the negative effect of foreign currency.

Analysts expect, on average, earnings of $2.87 per share on revenue of $7.06 billion.

For the third quarter, Mylan expects to earn 77 cents to 79 cents per share on an adjusted basis; analysts expect 87 cents per share.

Mylan shares climbed 21 cents to $33.77 in morning trading, while the Nasdaq exchange on which the stock trades rose about 1 percent. The stock has ranged between $22.50 and $34.62 over the past year.

 

Copyright 2013 The Associated Press